The announcement by the Federal Reserve of an “enforcement action” against Goldman Sachs for engaging in “a pattern of misconduct and negligence” in its handling of home mortgage loans was entirely predictable. Charges of such misconduct go back for months when it was first discovered that mortgages and other mortgage-related documents had been “robo-signed” and foreclosure documents hadn’t been properly reviewed and that Goldman’s Litton Loan Servicing unit took actions “without always confirming that documentation of ownership was in order.”
Usually when U.S. citizens argue in favor of downsizing the military budget, they are treated as anti-American by neoconservatives and other "hawks." When presidential contender Ron Paul advocates bringing the troops home and reducing federal military spending, he is called an isolationist. But what can critics say of a military general who makes such assertions?
President Obama sent a letter to House Speaker John Boehner (R-Ohio) Tuesday detailing seven new regulations that would each cost the U.S. economy more than $1 billion annually. With regulatory costs for American businesses of at least $38 billion per year and compliance costs of $100 billion per year, the seven proposed regulations would target transportation and the environment.
According to Laura Chanthalath, manager at High’s Chimney Service, business is booming. Located in Gaithersburg, Maryland, her company might rebuild one chimney a day during the summer when business is slow. But now, thanks to Irene, “We’re completely booked. This has been a big boost to our business because the summer is extremely slow, especially in the chimney business. So it’s been good for us.”
Next week President Obama will roll out his strategic jobs growth plan in a major speech, and has announced that his new chairman of his Council of Economic Advisers, Alan Krueger (left), is just the man to help him with it. Krueger comes from the same mold as the man he is replacing, Austan Goolsbee. Goolsbee graduated from Yale, Krueger from Cornell. Goolsbee got his PhD from MIT, Krueger got his from Harvard. Goolsbee worked for the National Bureau of Economic Research, and so did Krueger. Goolsbee is returning to the University of Chicago, while Krueger is leaving Princeton to join Obama.